GameStop Buys $513 Million Worth of Bitcoin, Investing in Crypto for the First Time

GameStop has purchased 4,710 Bitcoins for $513 million using funds raised through debt financing, marking its first foray into cryptocurrencies since announcing plans to invest in digital assets back in March. The company’s press announcement confirmed this significant investment following weeks of speculation and anticipation. Earlier this year, GameStop secured a $1.4 billion convertible notes offering to fuel potential investments in the cryptocurrency market.